Expenses that cannot be claimed against sole trade profits ?

What expenses can not be claimed if you are a sole trader?

You can not claim expenses for any item that is not fully related to the running of your business such as:

1. clothing (except protective clothing)
2. your own pay
3. business entertainment expenses
4. your own food or travel expenses except if you regulary travel for work

You cannot claim a deduction for purchasing assets when calculating your profit.

But you may be able to claim capital allowances on some of this expenditure at 12.5% per year

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie